Wills, Estates & Probate
Professional Guidance
Wills
Wills are part of a category referred to as Estate Planning. The term “Simple Will” (a misnomer because a “Simple Will” is not really simple) usually involves individuals or spouses who have no minor children. A Simple Will may name a Personal Representative and leave assets to one or more persons and/or divide assets among several persons. A more complex Will often is indicated for persons with minor children. In those cases, a Will usually provides guardians for the children and protects assets for them for a period of time, often into early adulthood.
Trusts
Trusts provide a way of owning and managing assets. Testamentary Trusts do not take effect or own any assets until the creator of the Trust passes away. Revocable Living Trusts are revocable or amendable by the creator of the Trust at any time up until the death or incapacity of the creator; then it becomes irrevocable so the wishes of the creator can be carried out. It is “living” because the Trust owns assets upon its creation instead of after death. Either Trust can enable married couples to maximize their unified credit—that is, assets that are exempt from inheritance taxes.
Estates
Estates generally include Trust Estates, Guardianship Estates, Conservatorship Estates, and Probate Estates.